20 February 2025 | 1:55PM HKT China Battery ESS New policies clearing a pathway for future growth, we contextualize near-term implications; Buy CATL (on CL) In the past two weeks, two impactful policies that we think should help clear the pathway for BESS growth have been released. 1. Independent BESS business models are now one step closer to maturity The new policy allows power prices to float in a broader range, which we believe enriches the arbitrage opportunities for BESS - the key driver in our BESS b ...

China Financials | Asia Pacific Tracking industrial risks – some progress on capex rationalization in 2H24 Key Takeaways We believe a continued slowdown in industrial capex will be needed to ease industrial profit pressure and credit risks. While many industrial sectors still felt pressures in 2024, we believe the policy shift from pushing to containing capex expansion and abating loan window guidance since mid-2024 is bearing some fruit, with progress on rationalization of industrial credit and investment ...

February 20, 2025 12:37 PM GMT WeiChai Power | Asia Pacific Data NOW: Weichai's Share Price vs. LNG HDT Sales in Jan- 25 China's LNG heavy-duty truck (HDT) sales were up 21% y-y (-20% m-m) to 7.7k units in Jan-25, with penetration expanding 7ppt y-y to 16% (vs. 9% in Jan-24). This was attributed to a widening LNG/diesel price gap (Rmb3,148/t in Jan-25 vs. Rmb2,520/t in Jan-24 and Rmb3,009/t in 2024, according to CEIC data). Exhibit 1: LNG HDT Sales vs. Weichai H-share Price Performance -5,000 0 5,000 10,000 ...

February 20, 2025 04:20 PM GMT NetEase, Inc | Asia Pacific Overseas expansion and overall recovery on track We think Netease's overseas expansion and overall growth recovery are well on track. The market seems to have overreacted to the top-line miss despite the healthy game grossing and profit beat. We stay OW and highlight the FragPunk release on March 6 as the next catalyst. Overseas expansion in focus: Management spoke highly of Marvel Rivals' performance and targets to run this game as a 10-year evergr ...

19 February 2025 | 5:13PM EST USA: FOMC Minutes Reiterate "Careful" Approach Amid High Uncertainty, Raise Possibility of Slowing Runoff; We Now Expect BOTTOM LINE: The minutes to the FOMC's January meeting noted that the "majority" of participants favored taking a "careful approach" to "additional adjustments to the stance of monetary policy," in light of elevated uncertainty around the economic outlook, the neutral interest rate, and the economic effects of potential government policy changes. The minutes ...

Summary of EHang Holdings Conference Call Company Overview - **Company**: EHang Holdings (Nasdaq: EH) - **Industry**: Urban Air Mobility (UAM) technology platform - **Market Cap**: US$1.67 billion as of February 19, 2025 [6] Key Takeaways from Management Call 1. **Government Support**: EHang anticipates continued government backing, including project funds for the low-altitude economy and infrastructure development [2] 2. **Operating Certificate**: The company expects the first operating certificate to be released soon [2] 3. **Product Launches**: EHang plans to launch updated versions of its eVTOL aircraft, specifically the EH216 and VT-35, in the upcoming months [2] 4. **Cash Turnover**: EHang's cash turnover is efficient, with buyers required to pay 30% upfront and 60-70% before final delivery [2] Financial Projections 1. **ASP Stability**: EHang estimates that the average selling price (ASP) of the EH216 will remain stable due to mild competition [3] 2. **Cost Management**: The cost structure is expected to stabilize due to economies of scale and new battery and motor technologies [3] 3. **Profit Margins**: EHang anticipates adjusted net margins (before stock-based incentives) to reach 15-20% in 2025, with long-term net profit margins under US GAAP projected at 15-20% [3] 4. **Stock-Based Incentives**: The annual stock-based incentive is expected to remain around Rmb250-300 million for the next few years [3] Revenue and Earnings Forecast - **Revenue Growth**: Projected revenues are expected to grow from Rmb117 million in 2023 to Rmb1.136 billion in 2025, reaching Rmb3.494 billion by 2028 [9] - **Earnings Projections**: Net earnings are forecasted to turn positive in 2025 with an EPS of Rmb0.20, increasing to Rmb3.37 by 2026 [7][9] Valuation and Investment Outlook 1. **Price Target**: The price target is set at US$31, based on a 15x price-to-sales ratio for 2025, implying a 65x PE for 2026 and 29x for 2027 [5] 2. **Investment Rating**: The stock is rated as a "Buy" [6] 3. **Forecast Returns**: Expected stock return is 17.2%, with no forecasted dividend yield [10] Market Sentiment and Risks 1. **Investor Interest**: There is increasing interest from investors regarding EHang, with many recognizing the growth potential of eVTOLs supported by government initiatives [4] 2. **Total Addressable Market (TAM)**: Questions remain about the overall TAM for eVTOLs in China, particularly regarding their viability as a mass transport mode in urban areas [4] 3. **Risks**: Potential risks include operational delays, battery technology stagnation, and slower-than-expected product development [12][13] Conclusion EHang Holdings is positioned for growth within the urban air mobility sector, bolstered by government support and innovative product launches. Financial projections indicate a positive trajectory, with increasing revenues and profitability expected in the coming years. However, investor sentiment is tempered by uncertainties regarding market adoption and technological advancements.

MeiraGTx Holdings (MGTX) Update / Briefing February 21, 2025 08:00 AM ET Speaker0 Good morning, and welcome to the GTX Investor Event. At this time, all attendees are in a listen only mode. A question and answer session will follow the presentations. As a reminder, this call is being recorded and a replay will be made available on the Mirror GTX website following the conclusion of the event. I'd now like to turn the call over to Doctor. Sandy Forbes, President and Chief Executive Officer of Miura GTX. Pleas ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 ab 17 February 2025 Global Research Luxshare Precision Industry Connecting the new dots: diversification to non- Apple market Shifting gears to new emerging tangible markets We assume coverage of Luxshare with a Buy rating and Rmb58.00 price target. Luxshare's past growth was heavily associated with Apple and its valuation was often penalised as Apple's hardware sales growth slowed. While Apple will remain core to Luxshare's consumer electronics business for the foreseeable futu ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 17 February 2025 | 4:16AM GMT Multi-Industry Heatmap: 4Q24 so far Our Heatmap tracks sequential earnings acceleration/deceleration across various end markets. We are entering the final stage of 4Q24 season, with c.60% of our coverage and c.30% of our globally tracked companies now having reported. It is so far a strong season for our coverage and this week we continued to see solid beats on orders and sales. While most companies are beating on adj EBITA, margins are in line with ...

China MCU market declined less in 2024: According to WSTS data, China MCU market was down 14% in revenue terms in 2024, while global MCU market was down 19%. This is because China MCU market began to correct earlier, in mid-2022 vs. the global peak in Mar-23. Our US analyst, Joseph Moore, recently upgraded NXP to OW, calling the MCU bottom. We think the China market is first in and first out, and we turned positive on China MCU report in Nov-24 (link). 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 February 17, 2025 08:00 PM ...